Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0120%/8h= −13.2% APRpaid last 24h −0.036%

Price spread now: SoDEX against HTX−0.178%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$330.327% of the position

Long on HTX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 3 days (all we have)+0.241%+$24 · spread now −0.178%, 7d avg −0.041%

Together, before fees+0.208%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and SoDEX is 0.137% cheaper against HTX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.396	0.0220	pay 0.0110% / 4h	1h 08m	$1.5M	$7.7M	75x
Short	SoDEX HYPE-USD	93.230	0.0100	get 0.0013% / 1h	8m 10s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against HTX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HTXbpFee SoDEXbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$25.3
Price spread: −0.178% → −0.041%: −$13.68
Slippage, 4 orders: −$12.67
Fee HTX: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$71.65
Costs to cover: 0.327%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; SoDEX: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy HTX live order book, 1 min ago	0.80 bp	9.5 bp −$10	15.1 bp −$151	41.7 bp −$4,173	doesn't fit
Sell SoDEX live order book, 1 min ago	0.05 bp	7.4 bp −$7	12.4 bp −$124	101.6 bp −$10.2K	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps HYPEUSD	−0.0466%	1h	93.232	−0.175%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0400%	1h	93.275	−0.130%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.203	−0.207%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.160	−0.253%	$699K	$895K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.297	−0.106%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.246	−0.161%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	−0.094%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.220	−0.188%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.247	−0.160%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.290	−0.113%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.264	−0.141%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0017%	4h	93.247	−0.160%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.220	−0.188%	$322.8M	$282.4M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	−0.096%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.232	−0.176%	$111K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.190	−0.220%	$16.3M	$7.0M	10x	as long as short
Binance HYPEUSDT	+0.0062%	4h	93.230	−0.178%	$382.7M	$887.7M	75x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.228	−0.180%	$44.0M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.232	−0.176%	$90.1M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.156%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.289	−0.114%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.272	−0.133%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.229	−0.179%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.306	−0.096%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.156%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.288	−0.115%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.272	−0.133%	$2.03B	$661.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.319	−0.082%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.230	−0.178%	$114.0M	$312.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.254	−0.152%	$47.0M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	−0.169%	$226.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.239	−0.168%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.258	−0.148%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.197%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	−0.061%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	−0.124%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.273	−0.132%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	−0.121%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.259	−0.147%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.257	−0.149%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.281	−0.123%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.230	−0.178%	$2.0M	$2.0M	10x
Phemex HYPEUSDT	+0.0100%	8h	93.288	−0.116%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.124%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.210	−0.199%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.365	−0.033%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	−0.146%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0220%	4h	93.396	long leg	$1.5M	$7.7M	75x
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.143%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.236	−0.171%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0250%	4h	93.270	−0.135%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.277	−0.127%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.260	−0.145%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0361%	1h	93.326	−0.075%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.341	−0.058%	$20.9M	$28.9M	50x	as long as short